On December 26th, the 5th Circuit reinstated the pause on the beneficial ownership report filing requirements. HOW DID WE GET HERE? The Corporate Transparency Act (CTA) went into effect on January 1, 2024 and required all entities that qualified as reporting companies to file beneficial ownership information (BOI) reports with the Financial Crimes Enforcement Network
On December 3, 2024, a Texas Federal Court issued a nationwide injunction blocking the enforcement of the Corporate Transparency Act and staying filing requirement deadlines for Beneficial Ownership Information (BOI) reports. A copy of the Order can be found here. Please be aware that this is only a preliminary injunction. Currently, it is not known
The Corporate Transparency Act (CTA), effective January 1, 2024, requires certain business entities (reporting companies) to report beneficial ownership information (BOI) to the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN). The deadline for businesses that were created before January 1, 2024 have until January 1, 2025 to file their initial BOI report. For reporting
